@Going Concern “It’s Hard Out There For An Auditor”

My latest column is posted @Going Concern:

It’s tough to be the “good guy,” however you define “goodness” within your moral framework. It’s even tougher if you were never taught your duty to the public as a licensed CPA and if the firm or company punishes you, de-incentivizes you to do the right thing. Retired Trinity University Professor Bob Jensen talks about David Meyers, the Controller of WorldCom:

David Meyers became a convicted felon largely because he did not say no when his supervisor (Scott Sullivan, CFO) asked him to commit illegal and fraudulent accounting entries that he, Meyers, knew were wrong. David Myers tells audiences now that he still feels great guilt over how much he hurt investors. At the time he did wrong, he rationalized that he was doing good by shielding WorldCom from bankruptcy and protecting employees, shareholders, and creditors. However, what he and other criminals at Worldcom did was eventually make matters worse.

Go here for the rest of the column.

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